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Cheques
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For more on marking an answer as the "Best Answer", please visit our FAQ.Not entirely true - a person who issues a cheque cannot cancel it long after it has cleared.
But if the chequWithin the banking system guidelines it states that - except where there is fraud - banks must decide whether to honour cheques within four or five days.
But when Money Box spoke to the clearing banks who process cheques, each confirmed they will never guarantee that seemingly cleared cheques will not be declared void much later.
If you need a guarantee of funds there are better ways of making that type of payment
Sandra Quinn, Apacs
Former banker and Director of the Campaign for Community Banking Derek French told Money Box he believes banks are breaching the industry's own standards.
He said: 'There are rules to the clearing system, and if they are going to breach them to that extent it makes an absolute nonsense of what is written down...
But Sandra Quinn, Director of Apacs, the organisation which runs the cheque clearing process for banks, said they must do everything they can to protect themselves and their customers' money.
She said that arranging electronic payments between bank accounts is quicker and more secure.
Speaking to the programme she said:
"If you want to make sure you have got funds... There are irrevocable means of receiving a payment. Use those instead of a cheque."
e was fraudulent in any way the issuing bank can cancel it and recover the monies.
I found this:
That type of thing isn't likely with a personal cheque from someone in the UK with a UK bank account but if it's from overseas or a sterling cheque from an overseas bank it's more likely.